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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?


To: Wharf Rat who wrote (71185)1/23/2005 6:39:30 AM
From: Wharf Rat  Respond to of 89467
 
Are we in the middle of a bull market for commodities?
The publication of a fascinating new book called 'Hot Commodities' by veteran US investor Jim Rogers has caught the imagination of the investment community. He certainly makes a compelling case, and the investment implications are profound.

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Perhaps instead of investing in stocks, bonds and real estate you should be looking at the only asset class which appears undervalued today: commodities.

Sure, the past few years have seen some big surges in commodity prices, most notably oil although the rise is spread among all types of commodity, from live cattle to gold.

Jim Rogers was one of the first major investors to spot this trend back in 1998 and he came up with his own commodities index of 35 commodities because none of the existing ones seemed up to the job. That proved to be the year that commodity prices hit an all-time low, and since then his index has been the best performing index fund in the world in any asset class.

Now he has written a book, 'Hot Commodities' and is on the global investment lunch circuit promoting his work. His thesis is that commodity markets are inversely correlated to equity markets, and that investing in commodities makes sense when equity markets are in a bear phase.

The parallel to the situation in the early years of this century is the 1970s. Rogers lived through this era – and made his fortune during it – and can point to so many matching factors it would be impossible to sum them up in this short article.

Suffice to say gold peaked at $800 in 1980 and oil reached over $80 a barrel. It was the same for all commodities in the 1970s, while equities slumped, commodities boomed.

Of course, there will be market corrections in any bull market, and Rogers' advice to investors is to wait until China has a recession and to then take advantage of temporarily depressed commodity prices to buy into this market, as none of the fundamentals will change.

This is pretty strong stuff. Are commodities the next NASDAQ? Rogers seems to think so, although his book explains how some unlikely candidates like lead might actually outperform the more obvious investment choices like gold. However, in a bull market the price of all commodities will rise.

Caveat emptor, why is he writing about this now? Why does he not want to keep his discovery secret any longer? Typically traders hype a market to sell off their holdings – but the commodities market is rather too big for one book to make much difference.

No more probably he wants to attract more money into his index fund, which presumably he earns a fee for managing. This is certainly a book any serious investor should read, and its implications for other asset classes should be considered.

Are we going to see simultaneous crashes in the bond, equity and housing markets? Well, that is what happened in the 1970s!


ameinfo.com



To: Wharf Rat who wrote (71185)1/23/2005 10:06:54 AM
From: stockman_scott  Respond to of 89467
 
Retiree Doggedly Pursues Legal Challenge of Iraq War
_____________________

by William Fisher

Published on Saturday, January 22, 2005 by the Inter Press Service

NEW YORK - His name is Clare Callan. He is a feisty 85-year-old former congressman from rural Nebraska. And he is asking the U.S. Supreme Court to declare that Pres. George W. Bush had no legal authority to go to war in Iraq.

Callan does not see himself as some kind of Don Quixote, haplessly tilting at windmills. He is not asking the Supreme Court to end the war. Callan himself is a World War II veteran, who served on a Navy destroyer in the Pacific.

He says he is proud of the U.S. military, proud of his own service, and proud of the troops fighting in Iraq. But he believes that president violated the Constitution when he sent U.S. soldiers into harm's way. Now, he wants the nation's highest court to say so.

”I'm not wet behind the ears,” Callan said in an IPS interview. ”I know how Washington works. So I have no great expectations that my point of view will prevail. But I have an obligation as a citizen to do what I can. If we don't use the freedoms we have, they'll disappear.”

Other lawsuits have been brought by parents of U.S. soldiers and members of Congress challenging the authority for the invasion without an explicit congressional declaration of war, but none have gotten far.

Callan's case goes like this:

When Congress passed the Iraq Resolution in Oct. 2002, the legislators specifically made it subject to the War Powers Resolution of 1973, known as the War Powers Act. The Iraq resolution was definite. ”Nothing in this joint resolution supersedes any requirement of the War Powers Resolution,” it reads.

Rather than giving Pres. Bush the authority to take the nation to war, Callan believes, it granted him only the right to determine whether the standards laid out by the War Powers Act had been met. The War Powers Act was passed near the end of the Vietnam War in an effort to ensure that future Congresses would be less likely to abdicate their constitutional responsibility to decide whether the nation should go to war.

To justify going to war, the War Powers Act sets out several criteria. Most important of these is ”clear” evidence of an ”imminent” threat to U.S. security. The words ”clear” and ”imminent” are used repeatedly to describe situations where U.S. military force is permitted.

In the run-up to the invasion -- and ever since -- Pres. Bush went out of his way to avoid using the words ”clear” and ”imminent”, Callan says. Bush described the threat from Iraq with adjectives like ”growing” and ”gathering”.

While some of his surrogates, including his then press secretary Ari Fleisher, declared the threat ”imminent”, the president never did.

In essence, Callan's suit, filed in a U.S. circuit court three years ago, charges that the president failed to meet his constitutional obligation.

It has been rejected and appealed multiple times since then, with lower courts ruling that they lacked jurisdiction to hear his complaint, or that he had no legitimate cause of action.

Callan argues that he is only asking the courts to interpret an act of Congress based on ”plain language and common sense”.

”Courts do not lack the power and the ability to make the factual and legal determination of whether this nation's military actions constitute war for purposes of the constitutional War Clause,” Callan said, and has cited numerous precedents in his filings.

When the Supreme Court met last month to pick the cases for its upcoming calendar, it too rejected Callan's petition. Undeterred, he is now preparing a petition for rehearing, and hopes the justices will finally listen.

Callan, whose favorite pastime is talking politics with his fellow veterans at the Elks Lodge in Odell, Nebraska, served one term as a democrat in the House of Representatives from 1965-66, when Lyndon Johnson was president.

He stayed in Washington for a time after losing a reelection bid, and had several jobs, including deputy director of the Rural Electrification Administration. He has served as his own attorney in the current legal battle, financing it from his own pocket -- and insists it is money well spent.

”We all saw what happened when President Johnson fabricated a pretext for going to war in Vietnam,” he said. ”The War Powers Act was passed to prevent future presidents from doing that ever again.”

Ironically, some of the nation's best-known conservatives have bolstered Callan's arguments.

In an Aug. 4, 2004 broadcast of ”The Beltway Boys” on Fox news channel, panelists agreed that Bush had never labeled the Iraqi threat ”imminent” -- only ”urgent”.

Morton M. Kondracke, executive editor of Roll Call newspaper, said, ”I think everybody would agree that the word 'imminent' was the crucial word, over which the fight took place. And in the case of Iraq, clearly there was not an imminent threat, and Bush didn't say there was.”

Fred Barnes, executive editor of the influential neo-conservative Weekly Standard, agreed: President Bush ”said the opposite”. Senator Jon Kyl, a Republican from Arizona, said in a speech last March that ”One of the great myths generated by the president's opponents is that he justified action by claiming the threat posed by Saddam's regime was imminent. Well, the stubborn fact is, that wasn't the president's claim -- in fact, he specifically disclaimed that rationale for his decision.”

Kyl recalled the president's 2003 State of the Union address, when the president stated: ”Some have said we must not act until the threat is imminent. Since when have terrorists and tyrants announced their intentions, politely putting us on notice before they strike? If this threat is permitted to fully and suddenly emerge, all actions, all words, and all recriminations would come too late.”

The Bush administration defends the war on Iraq as ”right,” regardless of the evidence, now or before the war, and provides further justification by arguing that the war in Iraq has made us safer, Callan says.

However, as Supreme Court Justice Antonin Scalia has pointed out, ”Right is not necessarily legal.”

”The Founding Fathers were very clever in the way they designed our government -- three branches, with checks and balances on each,” Callan said.

”These can't be 'outsourced'. None of the three branches should delegate its rights and responsibilities to any other branch. If that happens over a long period, we'll find ourselves with a king instead of a president.”

© Copyright 2005 IPS - Inter Press Service

commondreams.org



To: Wharf Rat who wrote (71185)1/23/2005 9:46:40 PM
From: coug  Read Replies (2) | Respond to of 89467
 
Hi Rat,

I am going to repeat a post I wrote on another thread about concerns I have had about the 9-11 tragedy. I hope you don't mind..

<<<I hope you had a great day. It was really nice here. Worked inside most of the day on some tile work but did try out some new, modern snow shoes Mary's brother loaned us. What a difference from the old ones. Getting ready to climb Mt. Rose in the winter.. LOL.. No way now. I tried that once..

But anyway back to the unreality of the Bushies. They and their cronies know one helluva of a lot more than they are letting on about 9-11 for example..

One of the biggest red flags, in my mind, is the fact the flight controllers tapes from NY were shredded and found on different floors..Only that could be deliberate act, no mistakes. A logical person would think that THOSE tapes would be guarded with their lives. This would reveal the communications from the tower.. Even if only one-way from the tower

Second the fact that none of data from the 'black boxes' was ever released to the public.. So what's in those destroyed tapes and the with-held black boxes. Most black box communication is released.

911research.wtc7.net

Third, from the little pilot training I have had, I sure as hell know, young guys with no previous training, are not going to be able to steer, direct a modern jet liner into a small target from hundreds a miles away after JUST a FEW hours of air training. Stepping into that cockpit is about like stepping into a space ship, I bet.. Turn that thing around after it was headed for LA and navigate it back to NY.. And after being nervous and all of taking over an airliner with knives. That TAKES some skill and COLD calculating or HELP.. Things just don't add up in my mind.

Fourth, the fact the plane that crashed, shot down, etc. in PA had it's wreckage scattered over 10 miles or so. Not common for a plane that nose dived into the ground.

Fifth the Bushies never clamored for an investigation. One of the WORST tragedies in our countries history and they FOUGHT it, unbelievable, and it was half assed at best when it happened.. The important stuff was never under oath and never public..

And that is just openers for a lot of questions in my mind.

So WHY??>>>>

Message 20977161

Anybody,